Former TransCentury CEO Gachao Kiuna has got a Sh14 million payoff after suing the company for his terminal dues.
Mr Kiuna and his former employer have entered as per documents filed in court.
The listed investment company will pay him in two installments of Sh7 million each, less statutory deductions.
Mr Kiuna had moved to court in 2016 over unpaid terminal benefits amounting to over Sh21 million.
The claim relates to a gratuity of one month for every year of the seven worked, amounting to Sh14.63 million, leave payoff for 45 outstanding days, amounting to Sh4.27 million and staff claims (expenses paid on behalf of TransCentury) amounting to Sh2.73 million.
“The judgement be entered for the claimant (Dr Kiuna) against the respondent for the all-inclusive sum of Sh14 million (less any statutory deductions),” reads the consent filed in court and endorsed by advocates for the two parties.
Dr Kiuna resigned from the company in January 2016 following boardroom wrangles over the recapitalisation of the company and the repayment of debt owed to bondholders.
Mr Kiuna, in documents filed on his behalf by lawyer George Mugane, accused TransCentury of breaching his contract of employment by failing to pay the final dues, noting that he had agreed with the firm’s chairman on his final package.
But the firm in its response had rejected the claim, claiming that it had no gratuity policy and its chairman had no authority to enter such deal on its behalf.
The firm in documents filed in court on May 2016 said it owed Mr Kiuna nothing, noting that a month’s salary when he served notice had been cleared.
The final instalment of agreed amount was paid to Mr Kiuna mid last year.
The former CEO, however, wants confirmation regarding remittance of deducted taxes to Kenya Revenue Authority.
Yesterday, the Labour Court gave TransCentury until February 20 when it is expected to report on the payment of the tax and avail the certificate to Mr Kiuna.
The firm has operations in Kenya, Uganda, Tanzania, Rwanda, Zambia, Mauritius, Democratic Republic of Congo and South Africa.